US footwear manufacturer Wolverine World Wide's Q4 FY20 sales fall 16%

Wolverine World Wide, a US-based marketer of branded casual, athletic, children’s and uniform footwear and apparel, reported 16.1 per cent revenue decline to $509.6 million in its fourth quarter (Q4) FY20 ended on January 2, 2021 compared to $607.4 million in the same quarter previous fiscal. The company’s net loss was $171.2 million (Q4 FY19: $0.5 million).

 

Wolverine World Wide, a US-based marketer of branded casual, athletic, children's and uniform footwear and apparel, reported 16.1 per cent revenue decline to $509.6 million in its fourth quarter (Q4) FY20 ended on January 2, 2021 compared to $607.4 million in the same quarter previous fiscal. The company's net loss was $171.2 million (Q4 FY19: $0.5 million).#

“The company delivered better-than-expected results for the fourth quarter and is poised to drive an accelerated recovery over the next twelve to eighteen months,” Blake W Krueger, Wolverine Worldwide’s chairman and chief executive officer, said in a press release. “During a year of unprecedented challenges, we took action focused on the rapidly changing consumer landscape. Our owned e-commerce revenue grew 50 per cent in 2020, and we have planned further investment in this area to enable growth of 40 per cent in 2021, significantly outpacing broader industry expectations.”

 

Wolverine World Wide, a US-based marketer of branded casual, athletic, children's and uniform footwear and apparel, reported 16.1 per cent revenue decline to $509.6 million in its fourth quarter (Q4) FY20 ended on January 2, 2021 compared to $607.4 million in the same quarter previous fiscal. The company's net loss was $171.2 million (Q4 FY19: $0.5 million).#

Gross profit during Q4 FY20 dropped to $204.6 million ($229.9 million), while selling, general and administrative expenses were $182.2 million ($170.7 million). The company’s operating loss was $204.1 million ($5.2 million).

 

Wolverine World Wide, a US-based marketer of branded casual, athletic, children's and uniform footwear and apparel, reported 16.1 per cent revenue decline to $509.6 million in its fourth quarter (Q4) FY20 ended on January 2, 2021 compared to $607.4 million in the same quarter previous fiscal. The company's net loss was $171.2 million (Q4 FY19: $0.5 million).#

“Our balance sheet is healthy, and our brands are well positioned in winning product categories with strong momentum. Merrell, Saucony, Sperry, and Wolverine all plan to launch compelling new products behind some of their biggest franchises, and we anticipate meaningful growth for the company in 2021, resulting in revenue approaching 2019 levels for the year,” Krueger said.